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Dated: 3-2-2020

Budget 2020-21 + FINANCE BILL, 2020


(a) “Basic Customs Duty” means the customs duty levied under the Customs Act, 1962.

(b) Clause nos. in square brackets [ ] indicate the relevant clause of the Finance Bill, 2020.

(c) Amendments carried out through the Finance Bill, 2020 will come into effect on the date of its enactment, unless otherwise specified.

S. No.


Clause of the Finance Bill, 2020


Clause (f) of the section 11 (2) empowers the Central Government, for prevention of injury to the economy of the country by the uncontrolled import or export of gold or silver, to prohibit their import or export. This clause is being amended to include “any other goods (in addition to gold and silver) in its ambit.



An explanation is being inserted in section 28 to explicitly clarify that any notice issued under the said section, prior to the enactment of the Finance Act, 2018, shall continue to be governed by the section 28 as it existed before the said enactment, notwithstanding order of the Appellate Tribunal, any Court or any other law to the contrary.



A new Chapter VAA (a new section 28DA) is being incorporated in the Customs Act to provide enabling provision for administering the preferential tariff treatment regime under Trade Agreements. The proposed new section seeks to specifically provide for certain obligation on importer and prescribe for time bound verification from exporting country in casa of doubt. Pending verification preferential tariff treatment shall be suspended and goods shall be cleared only on furnishing security equal to differential duty. in certain cases, the preferential tariff treatment may be denied without further verification.



A new section 51B is being inserted so as to provide for creation of an Electronic Duty Credit Ledger in the customs system. This will enable duty credit in lieu of duty remission to be giver) in respect of exports or other such benefit in electronic form for its usage, transfer etc. The provision for recovery of duties provided under Section 28AAA of Customs Act, 1962 are also being expanded to include such electronic credit of duties.

[107 and 110]


Section 111 is being amended to insert a new clause (q), to prescribe that goods imported on claim of preferential tariff treatment, and in relation to which any provision of Chapter VAA or of any rule made under this Act have been contravened shall be liable to confiscation.



Section 156 is being amended to insert a new clause (i) in sub-section (2) to empower the Central Government to make rules for the purpose of prescribing the manner, procedures, conditions, restriction and other issue to carry out the purposes of newly inserted Chapter VAA.



Section 157 (2) is being amended to empower the Central Government to make regulations for the purpose of prescribing the manner, procedures, conditions, restriction and other issues to carry out the purposes of newly inserted section 51B.




Full Text:

Budget 2020-21 + FINANCE BILL, 2020


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